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Future of cash after the Covid 19 pandemic  in Ireland Essay Sample

There is an outbreak of covid 19 pandemics this year around the globe which has taken millions of lives. People have lost their jobs and there is the worst phase of the recession that is being faced by the world economy.

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We will broadly discuss the future of tangible cash after the pandemic and digital cashless transactions. Online financial transactions were already there before the pandemic but now it has become necessary with time.

Physical cash transactions have become very limited as a result of fear of being directly exposed to viruses.

Digital currency and digital use of applications for any financial transactions are used now in place of cash. In Ireland, there are also many online applications for transferring money and doing any financial transactions. Digitalized banking, digital currency, digital pay wallets, online applications like Revolut, Paypal Mobile Cash is used in Ireland widely.

Benefits of becoming a cashless society

There are many benefits that can be accrued by people by replacing a tangible legal tender with a cashless system in society.

Low rate of crimes and physical theft of money

The rate of crime goes down as there is an increase in the demand for cashless applications. There will be no physical theft of money, pickpocketing, bank robbery, house breaks to do cash, and gold robbery. It will lower the risk of money being stolen and decrease the number of thefts.

Aids in international transactions 

Going cashless helps in the international market transactions and making payments in a foreign land. It does not make us vulnerable by providing a great exchange rate.

Digital banks help in making digital payments in a foreign country without having to worry about money. One will never run short of cash in a foreign place.

Rise of Digital Banking

Digital banks are different than the traditional concept of banks. They help the customers to do all their bank work at a digital platform and also avail digital services of the bank.

One will not have to physically be present in the bank which helps in saving time and better handling of paper money.

They can get their money deposits, account services, loan management, transfer, and withdrawal and buy financial products. It helps in financial management, security, true value, and cost-efficiency.

No illegal financial transactions and laundering 

There shall be no money laundering, financial frauds, less illegal transactions, misappropriation of funds, and counterfeiting of coins.

Drawbacks of becoming a cashless society 

Undoubtedly there will be benefits of a cashless system but it will also have few drawbacks. Such drawbacks need to be considered by the government before any complete elimination of cash.

No physical control of finances

People are very much accustomed to the usage of cash and may find difficulty in controlling their finances. They will not have easy access to track their finances and spending which can make them confused. Less direct physical control of money means lacking in a sense of power which can increase the spending habits of people with no savings.

Unreliability of technology 

Sometimes users face technical errors in the system and in the network. Crashing of websites, malfunctioning of web servers can make money go out of control for the users. It causes non-accessibility and no cash in hand in case of emergency.

Cashless system causing an economic divide

This can create a huge impact on the people who come from an underprivileged class of society. Such people may not be able to afford electronic devices, computers, and phones to do any financial transactions.

They may even not have a permanent address and a bank account which further makes the process of a cashless system difficult.

Risk of Online Hacking

Hackers can easily get access to the bank accounts, get the financial details of the user, and drain their money from accounts.

They get accessibility to the confidential information and transactions of the user. So it helps them to commit digital theft leaving no alternative source of money.

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Usage of the digital cryptocurrency for cashless transactions 

One of the most famous digital cryptocurrencies used globally these days is Bitcoin. Digital wallets, Apple Pay, Google Pay, and NFC Payments are also introduced for making payments.

In Ireland, there are also some popular Bitcoin trading applications and they are – Coinbase, Wallet app, Brightcove, Coinmama, Changelly.

Bitcoin is basically used for trading with cash or assets by paying a small amount. It has high liquidity which makes it beneficial for a short-term profit. Virtual currency and cryptocurrency are the two types of digital currency available.

Cryptocurrency:  has a real-life value like cash. They are a combination of mathematical algorithms with tokens being transferred electronically over the network. It is decentralized with no agency to regulate and the economy of the country does not impact cryptocurrency.

Bitcoin(BTC):  Bitcoin Cash, Litecoin, Binance Coin, Ripple, Monero, Ethereum (ETH), Tron are some of the bitcoin traders across the globe.

Advantages of Bitcoin usage

  • Liquidity – Bitcoin is the best liquidity investment as it has the best online platforms for trading and exchange globally. It can be used easily by exchanging cash or assets. A high level of liquidity means short-term investments and the profit of the people.
  • Low risk of inflation – The blockchain system is infinite and people investing in them do not need to worry about the loss of money. Economy and inflation rates in the country do not impact cryptocurrency users.
  • New Opportunities – Bitcoin was introduced in 2009 and is comparatively a new investment method. They have new coins used on a regular basis which can create new opportunities and financial gains.
  • A simple system of trade – In the stock trading market one needs a certificate, charges are levied upon them, and a broker to help them buy and sell shares. But bitcoin trading is simple as it includes only direct buying and selling through exchanges.

Disadvantages of Bitcoin usage

  • Unpredictable market – With an unpredictable and prices going up and down there is no guarantee of safe & profitable return of investment. One may face a huge loss if no close tracking and knowledge of the bitcoin trading market.
  • Less usage of Bitcoin – There is no complete acceptance of bitcoin as a legal tender by many companies. It makes it a vulnerable investment vessel. It is not taxed so it may expose its users to fraud and malpractice easily.
  • Online Hacking – Investors in bitcoin are much vulnerable to online hacking. Buying and selling of bitcoins are on the smartphones devices so it is exposed to online theft and is not insured by FDIC.
  • No other source of money – Any virus can corrupt the wallet file and crash the hard drive which will make users lose bitcoins in a second. In such a case there is also no alternative source of money for the users.

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This Sample essay mentioned above is based on the future of cash in the coronavirus situation and a cashless system of society.  The sample is strictly dealing with the financial and economic situation of the country and its cash value.

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